How to shrink the gender pension gap

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Hello, hello, hello.

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And welcome to the first show of the day of our last day

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of the Pension Awareness Campaign, live shows.

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Hello, you all. Well, great, great. We like to hear that.

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I think I could hear you in the background.

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Um, I'm joined by Claire today

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from Royal London. How are you?

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I'm good. Thank you, Johnny. Brilliant.

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It's the second show you're doing for us. Yeah.

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And do you feel, do you feel energized for this morning?

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Definitely. It's always good fun being here.

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Brilliant, brilliant. And, and welcome.

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Today we're gonna talk about how

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to shrink the pensions gender gap,

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which is such an important subject.

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And we're going to, um, we're gonna

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help do that today, aren't we?

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Hope so. Yeah. Well, we're gonna, yeah. Yeah. Brilliant.

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Um, and also we're joined by Rachel.

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Can we say hello to Rachel? Oh, there she is.

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Hello. Good morning everyone. How are

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You? How are you feeling this morning?

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Yeah,

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I'm feeling good. I'm

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sad. It's the last day though.

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It's gone really quickly, hasn't it?

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It's, it has, it's just flown by.

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It has. It has. And, um, we've been joined

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for the three days through our partners.

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Obviously Claire's here from Roland,

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but Roland are actually partnering with us this year.

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They're partnering with the official pension awareness

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campaign, which we're very, very excited about.

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If we could get the on screen big

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so we can see the, oh, there we go.

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There we go. Um, they're sponsoring the campaign this year,

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partnering with the campaign this year.

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So we're very excited about that.

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So, um, before we get started, I wanted

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to tell everyone out there about the website

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that we've created for them this year.

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Um, basically it's a place where you can go to

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throughout the year

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and we can use it as, you can use it as a resource.

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If you can go full screen with that, that'd be great.

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Um, brilliant. Here we go.

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So today, um, we've got some more shows

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after this show where you can go on there.

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We've got the timetable.

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If we just go down, you'll have

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to see the shows we've got today.

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We've got Gabble with the Geeks, um, the Pension Geeks,

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which is for HR and pension managers later.

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Um, but we've also got DB or not to be.

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So just group are gonna be joining us

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and we're gonna be talking about DB pensions.

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So you'll have to book onto that show there.

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But not all, not just that.

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On this site we've got,

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can we have a look at the Catchup section, James?

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So if we click on that, um, this is

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where you can watch all the shows.

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So if you've missed any shows this week

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or you want to see the show with Sarah

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and Claire yesterday, you can go onto this.

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Um, this catch repair.

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If we just go down, James, you'll have

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to see all the shows from this week.

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Are there also, just

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before we go, I just want to show,

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we've got an article section.

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Sometimes I miss this out when I'm telling people,

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but I wanna make sure that you see this.

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It's got some really good articles on there,

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brand new articles for the show this year.

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Um, yeah. So make sure you check it out.

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Make sure you check it out. Right.

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Let's get on with the show how

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to shrink the pension Gender gap,

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Claire, how we're gonna do it.

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Well, so we need to talk about the gender pension gap,

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and that's one of the things that we're

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going to be covering off today.

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But first of all, you know, we need to know

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that there is a large difference between the retirement

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that men and women women have.

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But I do want to bust a bit of a myth. Go on.

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And that's that women aren't as interested in pensions. Now.

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Royal London just carried out some

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workplace pension research.

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Yes. And we found that 48% of people said

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that a pension was the most important benefit

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to them when they went for a new job.

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There wasn't a gender difference at all.

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So I think that's quite interesting, Johnny. Okay.

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But, you know, women do end up worse off in retirement now.

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I've been interested in the gender pension gap

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for quite a long time now.

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Okay. Um, what I want to do is think about some

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of the issues and the reasons behind it,

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but I also want to think about just some ideas

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and solutions that that might work for individuals,

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for couples to discuss.

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Yep. Um, I'm 46. I've got two

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Children. You don't look quite sorry, the

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lines there. You don't look.

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46 Claire. You've got three kids and 46.

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I can't believe it. I know, I know.

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So they're 15. You put it in the script.

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I know. 15, 18, and 20. Thanks Johnny.

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Um, so I really do understand some of the issues. Thank you.

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Um, I do understand some of the issues for the gap.

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Um, I always think it's quite funny.

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Some of my friends, um, thought pensions

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and actually my job were a bit dull.

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Yeah, I know you find that really hard to believe.

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But it's really interesting

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that actually now same friends are coming

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and asking me lots of questions about pensions, either them

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or actually their partners as well.

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Asking, you know, what the impact of decisions they made.

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Like, you know, one person going part-time, what impact

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that has on their financial future.

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And I think the key point is that people wish

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that they had known more at the time.

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So one of the things that I really want to talk about is how

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to learn to love your pension. Now,

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We love that I got This thing.

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I love pensions. Now, you don't have

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to be a pensions geek like us.

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Um, but you do just need to be a bit more aware

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of your financial future and, you know, kind of pensions

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and, and what it means.

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Yep. So should we get into the nitty gritty, then?

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Tell, tell us everything that we need

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to know today to, to help us.

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Okay. So the gender pension gap is actually kind of, it's

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as a result of many different factors.

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Now, one of those is the gender pay gap.

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Now, that's the difference between the average hourly amount

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that men and women, um, have now legislation over the years,

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many, many years has helped to equalize pay

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and the gender pay gap has decreased.

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And we've also seen, you know, lots

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of progress in the workplace promoting

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gender equality and things like that.

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But when it comes to retirement

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and achieving financial security in retirement,

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there hasn't been as much progress.

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And we'll come on to the reasons why in a second.

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The gender pension gap isn't just about pay.

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There are, as I mentioned, lots of different reasons. Mm.

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I, I assumed if we sorted out

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one, the other one would be sorted out.

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Ob obviously not.

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Um, so how can we work out the pension pension

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gender gap? So

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The gender pension gap? Well,

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it's the difference between men

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and women's, um, pension pots.

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Now that can be at different stages

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during their lives the size of their pension,

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or it can be retirement income once

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they've actually retired.

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Now a study by the department for working pensions found out

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that the gender pensions gap in private pensions is 35%.

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So for every 100 pounds that a man has in their pension,

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a woman has 65 pounds.

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But sorry to say this, Johnny, but women do live for longer.

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So actually women should need more in their pension.

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Of course. Of course. Um,

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and if you don't have private pensions,

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the only other option is the state pension.

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Mm-Hmm. That we did some research into state pensions

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as well, and we found out that three in 10 women

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who receive the state pension

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rely solely on the state pension.

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Okay. And you know, actually we also found out, um,

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doing some analysis that just over half of people

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who receive the state pension receives the full amount.

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Now the full amount, if you are entitled to it,

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is 221 pounds, 20 a week.

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It's crazy. Yeah. It's not a huge amount

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of money to live on Johnny.

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No, no. Especially now. No, it's not.

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So clearly there's an issue here. Yep.

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With this, what are we doing to,

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to solve what we're doing about it?

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Well, myself

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and colleagues at Royal London,

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we really wanted to investigate this.

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Mm-Hmm. So we've, um, carried out

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some research for a couple of years.

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Um, and, you know,

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we found some things that weren't a surprise.

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So the impact of catering, and we'll talk about that later.

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But we also investigated some things

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that maybe hadn't been looked at as much before.

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And one of those was menopause.

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We're going to talk about that a little bit later.

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And I think it's, um, it's important to note that, you know,

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policy changes by government might be needed, um,

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in the kind of longer term, these kind of changes,

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they don't really happen overnight.

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Yeah. But I think that we can all look at

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what we can do right now

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or in our own lives to make a difference too.

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Yes. Yes. Confidence is one

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of the areas that we also looked at.

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Okay. Actually confidence. Yeah.

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And actually, if there were any differences

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between men and women.

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Yeah. Now what we found is that women are more likely to,

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um, lead management everyday household spending,

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childcare costs and holiday spending.

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But when it came to longer term financial planning,

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so savings and investments, pensions, life criticalness,

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and income protection cover, well, actually,

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a higher proportion of men said

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that they were the main decision maker in the house.

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I was suppose this blew my mind, this,

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'cause this certainly isn't true in our house,

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I can tell you that, but, um, yeah.

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It's not true in my house either. Yeah.

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But, but you know, that's

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Perhaps not normal.

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Yeah, exactly. You've asked a lot of people in surveys

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and this is data, so Yeah. Wow. Okay.

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And what we also found is

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that women have a lot less than savings and investments too.

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Now there's reasons why a woman who lives

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with a male partner might think

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that they've got less influence over some topics.

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Okay. Some women said that it was

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because they felt their partner knew more.

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Others just felt that they actually lacked the confidence.

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Yeah. And that bears out other research, um,

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by the financial services regulator, the FCA,

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where they found that 21% of, excuse me, of women, um,

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lacked confidence in, um, their own ability

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to find financial products or services, um, for themselves.

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Now, that was compared to 12% of men.

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So this wasn't about that they couldn't make good decisions.

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Yeah. It was that they lacked the confidence.

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Confidence to be able to, you know,

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So can do it just, just didn't

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feel confident when it came to it. Yeah. Okay.

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That's right. Now, um, if we move on to our first slide.

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Yep. You'll see that we, in our research, we also find out

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that men are more likely than women

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to pay more than the statutory minimum

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into their workplace pension.

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Okay. Now, on all of these slides, um, the purple arrows are

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for women and the tail, um,

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or sorry, green, blue arrows are men.

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Um, so 50% of women told us that they didn't earn enough

256
00:09:54.805 --> 00:09:57.005
to pay more than that Statutory minimum.

257
00:09:57.545 --> 00:09:59.885
30% of men said the same. Yeah.

258
00:10:00.375 --> 00:10:03.045
Women are also far less confident

259
00:10:03.045 --> 00:10:05.125
that their pension savings will give them enough

260
00:10:05.125 --> 00:10:06.165
income in retirement.

261
00:10:06.225 --> 00:10:09.125
And, you know, we mentioned women live longer than men. Yep.

262
00:10:09.135 --> 00:10:10.685
Thank you for saying that again. But

263
00:10:11.295 --> 00:10:13.605
Women are much more worried about losing their

264
00:10:13.605 --> 00:10:15.005
independence in retirement.

265
00:10:15.225 --> 00:10:18.405
And 44% of women are concerned about not being able

266
00:10:18.405 --> 00:10:21.165
to do the things that they enjoy in retirement compared

267
00:10:21.165 --> 00:10:22.605
to 33% of men.

268
00:10:23.105 --> 00:10:24.845
Um, so if we can take that slide down now.

269
00:10:25.185 --> 00:10:28.885
Um, so I think that shows that women know there is

270
00:10:29.145 --> 00:10:30.485
or there might be a problem.

271
00:10:30.585 --> 00:10:31.805
Mm-Hmm. And remember that other,

272
00:10:31.805 --> 00:10:33.845
that I mentioned from earlier, nearly a third

273
00:10:33.845 --> 00:10:36.325
of women rely only on the state pension.

274
00:10:36.465 --> 00:10:38.525
Mm-Hmm. So I think for many women

275
00:10:38.595 --> 00:10:40.965
that worry is actually justified.

276
00:10:41.785 --> 00:10:43.725
So it, it's a bit gloomy,

277
00:10:43.745 --> 00:10:47.245
but women feel underprepared under prepared for retirement.

278
00:10:47.385 --> 00:10:49.605
And that lack of confidence,

279
00:10:49.605 --> 00:10:51.805
it can also affect asking for help.

280
00:10:51.985 --> 00:10:54.845
So that's a help from a variety of, of different sources.

281
00:10:55.415 --> 00:10:57.845
Women didn't feel comfortable talking about money matters.

282
00:10:58.905 --> 00:11:02.805
So I, I wrote down on my notes here in big confidence.

283
00:11:03.345 --> 00:11:06.725
So obviously there's um, a big, well,

284
00:11:06.725 --> 00:11:07.845
there's an issue here, isn't it?

285
00:11:07.845 --> 00:11:10.045
What we're gonna do, are we gonna do anything to,

286
00:11:10.305 --> 00:11:12.165
to help this, this solve this problem?

287
00:11:12.185 --> 00:11:14.045
It seems like a problem we, we could probably solve.

288
00:11:14.155 --> 00:11:15.685
Yeah. So I think, you know, one

289
00:11:15.685 --> 00:11:17.645
of the first things is just to talk about money,

290
00:11:17.875 --> 00:11:20.085
talk about financial matters at home, at work

291
00:11:20.275 --> 00:11:23.125
with friends at school, you know,

292
00:11:23.195 --> 00:11:24.765
discuss it over a glass of wine.

293
00:11:24.765 --> 00:11:25.885
Yeah. We like that.

294
00:11:26.115 --> 00:11:27.965
Take financial advice if that's appropriate.

295
00:11:28.145 --> 00:11:29.965
But you don't need to be an expert

296
00:11:30.345 --> 00:11:32.045
before you go and see a financial advisor.

297
00:11:32.105 --> 00:11:33.405
And lots of women say to me

298
00:11:33.405 --> 00:11:35.485
that they don't feel they know enough before they go

299
00:11:35.485 --> 00:11:36.605
and see a financial advisor.

300
00:11:37.305 --> 00:11:39.925
But I always say that's a bit like if you're buying a house,

301
00:11:40.145 --> 00:11:41.965
you don't study convincing law

302
00:11:41.985 --> 00:11:43.565
before you go and see a solicitor.

303
00:11:44.205 --> 00:11:47.765
I like that. Yeah, I like that. You don't, but why?

304
00:11:47.905 --> 00:11:51.485
But certainly I don't think it's just, just for,

305
00:11:52.105 --> 00:11:53.285
for women what you're saying here.

306
00:11:53.525 --> 00:11:54.525
I probably feel the same.

307
00:11:54.665 --> 00:11:57.005
You know, when, when, when you go into a financial advisor

308
00:11:57.105 --> 00:11:59.725
for whatever reason, there does feel a difference though.

309
00:12:00.225 --> 00:12:02.845
And there shouldn't be because actually financial advisors

310
00:12:02.845 --> 00:12:04.485
will explain things in a clear

311
00:12:04.485 --> 00:12:06.485
and understandable way that suits you.

312
00:12:06.945 --> 00:12:08.445
And it works, it works for you.

313
00:12:09.265 --> 00:12:12.645
And we've found that women often want a lot more detail

314
00:12:12.645 --> 00:12:14.365
and they want to fully understand

315
00:12:14.555 --> 00:12:15.925
financial decisions they make.

316
00:12:15.925 --> 00:12:18.005
Yeah. And and that is a positive. Yeah, exactly.

317
00:12:18.165 --> 00:12:20.365
'cause Johnny, it, it might be a bit of a surprise,

318
00:12:20.745 --> 00:12:22.645
but actually for the longer term, women

319
00:12:22.705 --> 00:12:25.765
who invest make more money than men. So

320
00:12:25.765 --> 00:12:27.365
Doesn't surprise me. It doesn't surprise you.

321
00:12:27.365 --> 00:12:29.125
That detail can be a really good thing,

322
00:12:29.725 --> 00:12:31.805
fully understanding what you're doing with your money.

323
00:12:31.985 --> 00:12:35.165
And I think kind of looking at myself, my own position

324
00:12:35.165 --> 00:12:38.925
with me, my partner, I would say my partner, she,

325
00:12:39.765 --> 00:12:42.405
I I will just say if it as a phone contract

326
00:12:42.405 --> 00:12:44.205
or something, think of like, yeah, yeah, let's go for it.

327
00:12:44.625 --> 00:12:47.965
But, um, probably my partner would look at the small print.

328
00:12:48.105 --> 00:12:49.365
What's that? Look at how,

329
00:12:49.585 --> 00:12:51.685
how long's a contract, blah, blah, blah, blah.

330
00:12:52.705 --> 00:12:54.285
And I've been caught out there, you know,

331
00:12:54.345 --> 00:12:55.725
so it makes a lot of sense.

332
00:12:55.725 --> 00:12:57.805
You're saying that if you, if you're going to get a pension,

333
00:12:58.385 --> 00:12:59.565
you're gonna Yeah.

334
00:13:00.305 --> 00:13:03.285
So I sense to me, you know, learn to love your pension.

335
00:13:03.285 --> 00:13:05.045
That's really, really important.

336
00:13:05.105 --> 00:13:06.885
Now, obviously, we love our pensions. Yes.

337
00:13:07.265 --> 00:13:10.165
Um, it does sound like a, a little bit of an odd concept,

338
00:13:11.065 --> 00:13:12.565
but actually I think it's important

339
00:13:12.625 --> 00:13:14.685
to take it away from the product of a pension,

340
00:13:15.085 --> 00:13:17.285
actually think about what it means for your life.

341
00:13:17.425 --> 00:13:19.565
So having a good sized pension pot can mean

342
00:13:19.875 --> 00:13:21.805
that you can meet up with friends, you can go out

343
00:13:21.805 --> 00:13:25.765
for dinner in retirement, you can go on mini breaks abroad

344
00:13:25.865 --> 00:13:28.445
or holidays and not be worrying about

345
00:13:28.445 --> 00:13:29.565
paying your energy bill.

346
00:13:29.565 --> 00:13:31.685
Which, you know, sadly, quite a few people do.

347
00:13:31.795 --> 00:13:34.845
Well when you, when you've sort of broke it down like

348
00:13:34.845 --> 00:13:36.765
that, when I think of retirement,

349
00:13:36.885 --> 00:13:39.525
I always think about unobtainable things like going

350
00:13:39.525 --> 00:13:41.285
to The Bahamas or something like that.

351
00:13:41.285 --> 00:13:43.805
But you've, you've just sort of said that going for coffee

352
00:13:43.805 --> 00:13:45.325
with your friends, going for some meals,

353
00:13:45.625 --> 00:13:47.085
all the things in life that you take

354
00:13:47.085 --> 00:13:48.965
for granted at the moment that you probably enjoy

355
00:13:48.985 --> 00:13:51.165
or would like to do, but in retirement.

356
00:13:51.195 --> 00:13:53.205
Yeah. Yeah. I, I get it. I get it.

357
00:13:53.345 --> 00:13:55.165
And that's the thing, think about what brings you joy

358
00:13:55.165 --> 00:13:56.805
today and what you would like to do in your

359
00:13:56.805 --> 00:13:57.805
Retirement. So you kind of, small things

360
00:13:57.805 --> 00:13:58.845
of joy. Yeah, yeah.

361
00:13:58.915 --> 00:14:00.685
Yeah. And I think that is really important.

362
00:14:00.825 --> 00:14:02.885
Now, um, you can get lots

363
00:14:02.885 --> 00:14:04.965
of information about your pension from different sources.

364
00:14:05.225 --> 00:14:07.725
So there's a lot of information on the government backed

365
00:14:07.725 --> 00:14:09.445
and independent money helper website.

366
00:14:09.445 --> 00:14:12.125
Yeah. So that's money helper.org.uk. Yes.

367
00:14:12.345 --> 00:14:14.725
Um, if you're employed, you'll have been automatically

368
00:14:15.005 --> 00:14:16.685
enrolled into a pension Mm-Hmm.

369
00:14:16.765 --> 00:14:17.845
And you'll pay in some money,

370
00:14:17.875 --> 00:14:19.565
your employer will pay some money.

371
00:14:19.565 --> 00:14:21.725
Yeah. Um, your employer will give you

372
00:14:21.725 --> 00:14:22.765
information about your pension.

373
00:14:22.835 --> 00:14:25.405
Your pension company will give you information as well.

374
00:14:26.105 --> 00:14:29.045
Um, I suppose one thing to say though is

375
00:14:29.045 --> 00:14:33.245
that when you're younger, you probably, um, there's a lot

376
00:14:33.305 --> 00:14:35.365
of different things that are calling for a shared

377
00:14:35.365 --> 00:14:36.365
of your hard earned cash.

378
00:14:36.365 --> 00:14:40.045
Mm-Hmm. And some people might think, well, pensions decades

379
00:14:40.265 --> 00:14:41.325
and decades into the future,

380
00:14:41.485 --> 00:14:42.765
I don't need to worry about it now.

381
00:14:43.665 --> 00:14:46.765
And I think it can be quite tempting to put it off Mm-Hmm.

382
00:14:46.785 --> 00:14:49.485
But what I would say is if you pay, you know, start

383
00:14:49.485 --> 00:14:51.845
by paying a little when you're younger, you don't have

384
00:14:51.845 --> 00:14:53.405
to pay a lot more when you're older.

385
00:14:53.825 --> 00:14:55.565
And that's because of something called the magic

386
00:14:55.785 --> 00:14:56.805
of compounding.

387
00:14:56.805 --> 00:14:58.125
Okay. And it just, it's really just the

388
00:14:58.125 --> 00:14:59.205
magic of time, actually.

389
00:14:59.745 --> 00:15:03.085
Um, so, you know, I would say that it's a good idea

390
00:15:03.085 --> 00:15:04.685
to join a pension as soon as you can

391
00:15:04.705 --> 00:15:05.725
and don't opt out

392
00:15:05.785 --> 00:15:08.925
of your pension scheme if you can possibly, um, afford it.

393
00:15:09.305 --> 00:15:11.565
And once you start paying into the pension,

394
00:15:11.995 --> 00:15:13.165
that deduction's made

395
00:15:13.165 --> 00:15:15.085
before you get the money into your bank account,

396
00:15:15.085 --> 00:15:16.605
so you won't really notice it.

397
00:15:16.985 --> 00:15:20.045
Um, and I think following on from that, check your pension.

398
00:15:20.355 --> 00:15:23.565
Okay. Um, that might be on a website. You might have an app.

399
00:15:24.025 --> 00:15:27.445
Um, our workplace pension research found that 45%

400
00:15:27.445 --> 00:15:30.125
of people had checked their pension in the last two years.

401
00:15:30.905 --> 00:15:33.605
Um, but when we look at that in gender terms,

402
00:15:34.445 --> 00:15:36.845
actually nearly half of men had checked their pension in the

403
00:15:36.845 --> 00:15:39.365
last two years, but only four in 10 women.

404
00:15:40.065 --> 00:15:41.565
Oh, wow. So, you know, it might be

405
00:15:41.565 --> 00:15:42.885
because you think it's a long time

406
00:15:42.895 --> 00:15:44.605
until you can access your pension.

407
00:15:44.625 --> 00:15:47.325
Mm-Hmm. But it's worth checking to see

408
00:15:47.555 --> 00:15:49.045
what retirement could look like.

409
00:15:49.745 --> 00:15:52.405
And, you know, I think it's important as well

410
00:15:52.465 --> 00:15:54.405
to look at your pension and think, is there anything

411
00:15:54.595 --> 00:15:55.765
that I would want to change?

412
00:15:56.545 --> 00:15:58.965
So there's something called the default fund.

413
00:15:59.065 --> 00:16:01.165
And if you're in a workplace pension, that's

414
00:16:01.165 --> 00:16:02.965
what you will have been put into when you started.

415
00:16:03.185 --> 00:16:05.245
Now the default fund is suitable

416
00:16:05.305 --> 00:16:07.325
for most people in a workplace pension.

417
00:16:08.105 --> 00:16:09.885
But you can change that if you want.

418
00:16:09.945 --> 00:16:12.125
You can change into maybe a riskier fund.

419
00:16:12.125 --> 00:16:15.325
You can also change into a fund that maybe aligns more

420
00:16:15.325 --> 00:16:16.685
with your principles or beliefs.

421
00:16:17.745 --> 00:16:20.285
And, you know, risk is a, is a tricky concept.

422
00:16:20.485 --> 00:16:22.845
I think we all probably, you know, it's not something

423
00:16:22.845 --> 00:16:24.845
that comes easily to anyone,

424
00:16:24.845 --> 00:16:26.805
especially when we think about investments.

425
00:16:27.745 --> 00:16:30.325
But actually we take risk every day of our lives.

426
00:16:30.425 --> 00:16:31.485
We cross the roads,

427
00:16:31.485 --> 00:16:34.045
or maybe you've kind of like climbing mountains or,

428
00:16:34.065 --> 00:16:35.405
or whatever you do, there's an element

429
00:16:35.425 --> 00:16:36.885
of risk in what we do.

430
00:16:37.465 --> 00:16:40.285
So it's a, it's useful to think about it in terms

431
00:16:40.465 --> 00:16:42.565
of the different kind of savings you might have.

432
00:16:42.705 --> 00:16:45.685
So for your emergency savings that you might need to access

433
00:16:46.345 --> 00:16:49.365
now, they will probably be in an instant access bank

434
00:16:49.365 --> 00:16:52.325
account, and you'll want to take very little risk

435
00:16:52.325 --> 00:16:53.445
with, with those, okay.

436
00:16:53.695 --> 00:16:54.725
Maybe you've got stocks

437
00:16:54.725 --> 00:16:58.365
and shares ISO for, um, saving up for a deposit in a house,

438
00:16:58.385 --> 00:16:59.605
and that's, you know, something you want

439
00:16:59.605 --> 00:17:00.805
to access in a few years

440
00:17:00.985 --> 00:17:04.085
or for your children's university education, which, um,

441
00:17:04.225 --> 00:17:09.165
is coming very rapidly, um, in our household so that you,

442
00:17:09.165 --> 00:17:11.325
you know, you might not want to take as much risk with,

443
00:17:11.355 --> 00:17:12.525
with those kinds of savings

444
00:17:12.525 --> 00:17:14.445
because you want to access them in a few years

445
00:17:15.035 --> 00:17:18.325
because more risk, well, it, it normally, you know,

446
00:17:18.745 --> 00:17:19.965
it can mean more growth,

447
00:17:20.065 --> 00:17:23.365
but also you are, they are more likely to be more volatile.

448
00:17:23.465 --> 00:17:25.805
So you have to know that actually your pension

449
00:17:25.805 --> 00:17:27.005
funds could fall in value.

450
00:17:28.105 --> 00:17:31.445
Now, of course, the hope is that over time the ups

451
00:17:31.445 --> 00:17:32.925
and downs smooth each other out

452
00:17:32.925 --> 00:17:34.725
and there's more ups than downs.

453
00:17:34.725 --> 00:17:36.645
But, you know, there's no guarantee

454
00:17:36.645 --> 00:17:37.925
that this will be the case

455
00:17:37.925 --> 00:17:40.325
because, you know, as with all investments,

456
00:17:40.325 --> 00:17:42.085
you could get back less than you paid in.

457
00:17:42.355 --> 00:17:44.645
Okay. But if you're in your twenties or thirties

458
00:17:45.105 --> 00:17:47.485
and you're not going to be accessing your pension for 30

459
00:17:47.585 --> 00:17:50.925
or 40 years, then taking a little more risk, well,

460
00:17:50.925 --> 00:17:52.165
it could be a good idea.

461
00:17:52.165 --> 00:17:54.045
Mm-Hmm. Um, because it will help you deal

462
00:17:54.045 --> 00:17:55.085
with the ups and downs.

463
00:17:55.745 --> 00:17:58.765
Now, pensions are a long-term investment

464
00:17:58.905 --> 00:18:01.605
and you can't access them until you're 55 currently.

465
00:18:01.605 --> 00:18:04.245
And that's going up to 57 and 2028 mm-Hmm.

466
00:18:04.425 --> 00:18:07.085
Um, but if you are interested in,

467
00:18:07.105 --> 00:18:10.765
in knowing more about risk, then financial advisors, um,

468
00:18:11.035 --> 00:18:13.165
will, you know, can really help to explain

469
00:18:13.385 --> 00:18:14.685
how risk, um, works.

470
00:18:15.305 --> 00:18:18.005
If you don't have a financial advisor, you can find out how

471
00:18:18.005 --> 00:18:19.485
to get one on the money helper site

472
00:18:19.545 --> 00:18:22.045
or also on our Royal London, um, website as well.

473
00:18:22.665 --> 00:18:25.685
And Money Helper's got some great articles on risk too.

474
00:18:25.825 --> 00:18:27.245
So if that's something you're interested,

475
00:18:27.475 --> 00:18:28.525
have a look at, then

476
00:18:29.245 --> 00:18:30.245
Brilliant. Well,

477
00:18:30.245 --> 00:18:31.565
um, some great points

478
00:18:31.745 --> 00:18:34.165
to raise our confidence when it comes to,

479
00:18:34.465 --> 00:18:35.605
to pensions and money.

480
00:18:35.625 --> 00:18:37.405
And I love the, I love pensions.

481
00:18:37.405 --> 00:18:38.685
We, 'cause we love pensions here. We do.

482
00:18:38.785 --> 00:18:40.125
Uh, I got my sticker on this morning.

483
00:18:40.125 --> 00:18:41.285
It must have come, come off.

484
00:18:41.405 --> 00:18:42.925
I, unfortunately, but yeah, we love powerco

485
00:18:42.925 --> 00:18:44.045
the cup, we love pensions here.

486
00:18:44.045 --> 00:18:46.045
But, um, what other things can we do?

487
00:18:46.045 --> 00:18:48.925
What other things can we do to help close this gap?

488
00:18:49.315 --> 00:18:52.005
Well, so it, it will come as no great surprise

489
00:18:52.235 --> 00:18:54.925
that women provide twice as much unpaid, um,

490
00:18:54.995 --> 00:18:56.565
childcare per year than men.

491
00:18:56.665 --> 00:18:59.885
And also healthcare for, um, other people as well.

492
00:18:59.945 --> 00:19:01.845
So that could be elderly relatives,

493
00:19:02.185 --> 00:19:04.565
it could be grandparents caring for grandchildren.

494
00:19:05.185 --> 00:19:07.285
Um, but if we think about parents, first of all,

495
00:19:08.075 --> 00:19:09.405
this, um, caring.

496
00:19:09.555 --> 00:19:11.405
Well, it comes at cost to pay. Yes.

497
00:19:11.705 --> 00:19:12.725
Career opportunities

498
00:19:12.865 --> 00:19:14.725
and development as well as your pension.

499
00:19:14.865 --> 00:19:16.365
So if we look at our first, uh,

500
00:19:16.465 --> 00:19:18.005
our next slide here, please, James.

501
00:19:18.665 --> 00:19:22.885
Um, we asked about the need for one parent

502
00:19:22.945 --> 00:19:25.965
to work part-time if their children to care for, okay.

503
00:19:26.105 --> 00:19:27.885
And for almost two thirds of women

504
00:19:27.945 --> 00:19:30.125
and two fifths of men, they agreed with

505
00:19:30.125 --> 00:19:32.365
that actually there was a need to work part-time.

506
00:19:33.175 --> 00:19:37.125
62% of women and 41% of men have either left

507
00:19:37.305 --> 00:19:38.805
or considered leaving work

508
00:19:39.035 --> 00:19:41.005
because of childcare responsibilities.

509
00:19:41.505 --> 00:19:42.925
So it's a huge percentage, isn't

510
00:19:42.925 --> 00:19:43.925
It? It is very, very

511
00:19:43.925 --> 00:19:46.205
much so just becoming parents.

512
00:19:46.465 --> 00:19:49.445
Me, my partner myself. You can, you can relate to that.

513
00:19:49.705 --> 00:19:51.005
You can I can relate to that.

514
00:19:51.065 --> 00:19:52.885
It it, it's not easy, is it? No, no.

515
00:19:53.145 --> 00:19:56.565
And what people find is that childcare costs are, you know,

516
00:19:56.565 --> 00:19:58.125
it's a huge problem.

517
00:19:58.265 --> 00:20:00.565
It can often feel like it's the equivalent of one salary

518
00:20:00.875 --> 00:20:01.875
Easy. Yeah. Depending

519
00:20:01.875 --> 00:20:03.885
where you live in the country. Yeah. Yeah.

520
00:20:04.275 --> 00:20:06.565
Totally. Um, now in England

521
00:20:06.565 --> 00:20:07.965
and Wales from the 1st of September,

522
00:20:07.965 --> 00:20:09.565
there was an increase in the amount of, um,

523
00:20:09.565 --> 00:20:10.765
childcare hours available.

524
00:20:10.865 --> 00:20:12.845
So hopefully that should make a difference. Mm-Hmm.

525
00:20:13.185 --> 00:20:16.165
But if people feel that their only option is to leave work

526
00:20:16.165 --> 00:20:17.685
because of the costs of childcare.

527
00:20:17.685 --> 00:20:19.245
Yeah. So you're dealing with a current problem,

528
00:20:20.825 --> 00:20:22.645
it will cause problems later in life.

529
00:20:22.665 --> 00:20:25.125
So that's from a financial resilience point of view. Mm-Hmm.

530
00:20:25.265 --> 00:20:27.405
Um, and from a pension's point of view Okay.

531
00:20:27.425 --> 00:20:30.125
And our financial resilience research found out that those

532
00:20:30.125 --> 00:20:33.045
with children and pets have been among the worst affected

533
00:20:33.065 --> 00:20:34.605
by the cost of living crisis.

534
00:20:35.065 --> 00:20:36.405
That's crazy. Yeah. Yeah.

535
00:20:36.425 --> 00:20:41.365
And if we move on to the next slide, we can also see that,

536
00:20:41.365 --> 00:20:43.605
that it causes other issues when you have children.

537
00:20:43.605 --> 00:20:45.365
Okay. So over half of, um, women

538
00:20:45.505 --> 00:20:47.085
and 44% of men

539
00:20:47.715 --> 00:20:50.405
said having children made doing their job harder,

540
00:20:51.225 --> 00:20:53.565
and nearly half of women are more than a third of men.

541
00:20:53.595 --> 00:20:54.805
Well, they feel that it should just

542
00:20:54.805 --> 00:20:56.005
their workplace confidence.

543
00:20:56.115 --> 00:20:58.085
Yeah. And I think this is really common.

544
00:20:58.225 --> 00:21:01.045
You know, it's not easy working and caring for

545
00:21:01.045 --> 00:21:05.445
Family as, as a new parent, I can say it is harder on

546
00:21:06.225 --> 00:21:08.565
the mom and it is the dad I think.

547
00:21:08.565 --> 00:21:11.565
So there's certain things the dads can't do than the mom's.

548
00:21:11.725 --> 00:21:13.045
I I do, I do believe that,

549
00:21:13.275 --> 00:21:15.645
that it's still a, a hard job for both. Both,

550
00:21:16.545 --> 00:21:17.545
Yes. And I think, you

551
00:21:17.545 --> 00:21:19.565
know, I think there's often a bit more

552
00:21:19.565 --> 00:21:20.725
guilt for mothers.

553
00:21:20.725 --> 00:21:22.725
Definitely. Yeah. Whatever they do. Whether you're a stay at

554
00:21:22.725 --> 00:21:25.405
home mom, whether you work whatever you do, it feels that

555
00:21:26.085 --> 00:21:27.925
actually that's, that's something you probably

556
00:21:27.925 --> 00:21:29.845
didn't anticipate before. You had a baby

557
00:21:30.025 --> 00:21:33.485
De definitely, definitely get guilt on, um, relying on

558
00:21:34.285 --> 00:21:37.525
grandparents help all that. Yeah. Guilt, yeah.

559
00:21:38.225 --> 00:21:39.125
Be part of it. If we can take

560
00:21:39.125 --> 00:21:40.165
the slide down now, that'd be great.

561
00:21:40.165 --> 00:21:43.445
Thank you. So now actually in the uk,

562
00:21:43.505 --> 00:21:45.685
and this just happened in the last couple of years,

563
00:21:45.705 --> 00:21:48.565
the most common arrangement for working parents is

564
00:21:48.565 --> 00:21:50.125
for both parents to work full time.

565
00:21:50.425 --> 00:21:52.725
Yes. Um, and that's probably a sign of the times. Yeah.

566
00:21:52.725 --> 00:21:55.965
Having to, you know, increase mortgage costs. Yeah.

567
00:21:55.965 --> 00:21:57.005
You know, kinda needing that money.

568
00:21:57.585 --> 00:21:59.565
But what we found is

569
00:21:59.565 --> 00:22:01.605
that women do still make up the

570
00:22:01.725 --> 00:22:02.845
majority of part-time workers.

571
00:22:03.345 --> 00:22:05.365
And in heterosexual couples with children

572
00:22:05.735 --> 00:22:09.645
where one person works part-time, it's much more common that

573
00:22:09.645 --> 00:22:11.445
that will be a woman than a man.

574
00:22:11.555 --> 00:22:14.965
Okay. And even where both people earn the same amount

575
00:22:14.965 --> 00:22:16.645
of money, it was more likely

576
00:22:16.715 --> 00:22:19.565
that the women would reduce their hours or stop work.

577
00:22:20.145 --> 00:22:22.685
Wow. So, um, I guess,

578
00:22:23.935 --> 00:22:26.725
guess a quick solution to, to fixing this problem.

579
00:22:27.505 --> 00:22:29.965
No, I think probably as a society we need to look at

580
00:22:30.505 --> 00:22:31.965
why more women work part-time.

581
00:22:31.965 --> 00:22:33.805
Mm-Hmm. It's not the same in, in all countries.

582
00:22:33.945 --> 00:22:36.205
So why is it kind of here that that is the case?

583
00:22:36.465 --> 00:22:37.965
Oh, so it's not the same in all

584
00:22:38.045 --> 00:22:39.045
Country? No. So I think

585
00:22:39.045 --> 00:22:40.205
in some countries Wow.

586
00:22:40.225 --> 00:22:42.565
So in Sweden for example, that, um,

587
00:22:42.725 --> 00:22:44.765
a lot more women would work full time.

588
00:22:44.955 --> 00:22:47.245
Okay. So, you know, it kind of, there's other reasons for

589
00:22:47.245 --> 00:22:49.285
that in the background as well, you know.

590
00:22:49.625 --> 00:22:51.245
Um, but I think there are some things

591
00:22:51.245 --> 00:22:54.085
that we can do individually as couples as well.

592
00:22:54.185 --> 00:22:56.885
And again, kind of talking about it, so I mentioned

593
00:22:56.965 --> 00:22:59.445
that I've got three children who are all older now the days

594
00:22:59.445 --> 00:23:00.485
of childcare are passed.

595
00:23:01.225 --> 00:23:06.085
Um, but when we were expecting our first baby, we knew

596
00:23:06.085 --> 00:23:07.485
that we both needed to work.

597
00:23:07.905 --> 00:23:10.885
So we sat down and had a conversation about how, how would

598
00:23:10.885 --> 00:23:11.965
that actually work in practice.

599
00:23:11.985 --> 00:23:14.405
Now my husband's a police officer, um,

600
00:23:14.465 --> 00:23:16.685
and until a few years ago he worked shifts.

601
00:23:17.185 --> 00:23:20.605
Um, but we worked out a system where with his days off

602
00:23:20.605 --> 00:23:24.325
during the week and, and me working full time over four days

603
00:23:24.425 --> 00:23:26.445
for a long time, we could kind

604
00:23:26.445 --> 00:23:28.285
of share the childcare equally

605
00:23:28.465 --> 00:23:30.205
and not need as much paid childcare.

606
00:23:31.025 --> 00:23:32.365
It meant we didn't have many

607
00:23:32.365 --> 00:23:34.165
weekends altogether as a family.

608
00:23:34.785 --> 00:23:38.565
Um, but um, it did mean that he by himself got

609
00:23:38.565 --> 00:23:40.325
to spend a lot of time with our children.

610
00:23:41.085 --> 00:23:42.845
I don't think he always thought that was a great idea,

611
00:23:43.125 --> 00:23:45.005
but now kind of our children can look back

612
00:23:45.045 --> 00:23:47.085
and say they really enjoyed that time as well.

613
00:23:47.945 --> 00:23:51.045
So I think having good conversations is really important.

614
00:23:51.075 --> 00:23:54.885
Yeah. Talking about this now what I'm not saying is

615
00:23:54.885 --> 00:23:56.565
that women shouldn't work part-time

616
00:23:56.625 --> 00:23:58.205
or women shouldn't stop work.

617
00:24:00.165 --> 00:24:01.485
I spoke about the fact that lots

618
00:24:01.485 --> 00:24:03.925
of my friends ask me about it now.

619
00:24:03.985 --> 00:24:05.805
And what they always see is

620
00:24:05.805 --> 00:24:07.685
that they wish they'd known more at the time

621
00:24:07.875 --> 00:24:09.605
what the implications were for the future.

622
00:24:09.905 --> 00:24:12.285
Not that they would've made a different decision, just

623
00:24:12.285 --> 00:24:14.245
that it might have helped at that point in time.

624
00:24:14.385 --> 00:24:17.805
So, um, so it's very much about kind of thinking about it,

625
00:24:17.875 --> 00:24:19.565
talking about it, and knowing more.

626
00:24:19.635 --> 00:24:21.845
Yeah. Yeah. And I think when people reduce their errors,

627
00:24:22.315 --> 00:24:25.565
they often forget that workplace pensions are worked out

628
00:24:25.705 --> 00:24:27.045
by percentage of salary.

629
00:24:27.105 --> 00:24:28.565
Yes. So your salary goes down

630
00:24:28.565 --> 00:24:30.205
and your pension contributions go down.

631
00:24:31.625 --> 00:24:34.125
And actually you can ask your employer, they might be able

632
00:24:34.125 --> 00:24:36.005
to point you in the direction of a calculator,

633
00:24:36.005 --> 00:24:38.245
which will show you the impact that will have,

634
00:24:38.625 --> 00:24:39.685
um, for your future.

635
00:24:39.995 --> 00:24:43.365
Okay. And that actually might help you to realize

636
00:24:43.365 --> 00:24:45.845
that it's going to have a bigger impact than you expected.

637
00:24:46.265 --> 00:24:50.045
Mm. So I think back to learning to love your pension.

638
00:24:50.625 --> 00:24:52.965
Now if you can, it's a really good idea

639
00:24:53.065 --> 00:24:55.645
to pay more into your pension before you have children.

640
00:24:55.795 --> 00:24:57.965
Okay. Now, you might not have given it much thought at

641
00:24:57.965 --> 00:24:59.845
that kind of stage in your career Mm-Hmm.

642
00:25:00.465 --> 00:25:02.805
But actually it could help the size

643
00:25:02.805 --> 00:25:04.925
of your pension pot if you do decide later

644
00:25:04.945 --> 00:25:06.725
to reduce your hours or stop working

645
00:25:07.625 --> 00:25:09.405
and things like increasing your pension

646
00:25:09.765 --> 00:25:10.965
contributions when you get a paid rise.

647
00:25:10.965 --> 00:25:12.165
Well that can be a really good idea

648
00:25:12.165 --> 00:25:14.125
because you don't miss what, what you've never had.

649
00:25:14.125 --> 00:25:15.325
Exactly. Great tip.

650
00:25:15.585 --> 00:25:18.845
Now, Johnny, as you'll know, once children are born, well,

651
00:25:18.845 --> 00:25:20.725
there's a lot of extra expenditure.

652
00:25:20.825 --> 00:25:25.205
Yep. Find out. But so if you're do hours do due,

653
00:25:25.205 --> 00:25:28.805
so is it still possible to pay extra into your pension?

654
00:25:29.145 --> 00:25:31.445
Yes. Um, and maybe the same amount as

655
00:25:31.445 --> 00:25:32.885
before, maybe that's not achievable,

656
00:25:32.905 --> 00:25:35.365
but even a little bit extra could help.

657
00:25:36.025 --> 00:25:38.885
Now this is especially true if the person who's reducing

658
00:25:38.975 --> 00:25:41.605
their pension or reducing their hours, um,

659
00:25:41.665 --> 00:25:43.205
has a really valuable pension.

660
00:25:43.275 --> 00:25:46.565
Okay. So again, it's about thinking about it as a couple,

661
00:25:46.945 --> 00:25:48.245
um, talking about it.

662
00:25:48.305 --> 00:25:51.365
Mm-Hmm. If one person is still full-time, could they afford

663
00:25:51.365 --> 00:25:53.485
to pay more into their partner's pension?

664
00:25:53.485 --> 00:25:54.805
Yeah. That also might help.

665
00:25:54.945 --> 00:25:57.005
And you know, again, it'll depend on a variety

666
00:25:57.025 --> 00:25:59.525
of different factors, whether you can afford it, the type

667
00:25:59.525 --> 00:26:00.725
of pension schemes and things.

668
00:26:01.225 --> 00:26:03.525
But that could be a really good idea. Mm.

669
00:26:03.945 --> 00:26:06.885
And I think one reminder, um, is

670
00:26:06.885 --> 00:26:08.445
that everyone can have a pension.

671
00:26:08.545 --> 00:26:12.045
So even if you stop work, you can still have a pension.

672
00:26:12.265 --> 00:26:15.965
You can pay 2,880 pounds a year into a pension. Mm-Hmm.

673
00:26:16.065 --> 00:26:17.925
The government topped that up with tax relief,

674
00:26:17.925 --> 00:26:20.045
which means there's 3,600 pounds

675
00:26:20.045 --> 00:26:22.165
that goes into, um, your pension.

676
00:26:22.545 --> 00:26:24.405
So your pension saving doesn't have

677
00:26:24.405 --> 00:26:25.725
to stop at that point in time.

678
00:26:26.585 --> 00:26:29.605
And I think linked to all of that, again,

679
00:26:29.605 --> 00:26:34.085
kinda about those conversations, if you both earn the same

680
00:26:34.465 --> 00:26:36.685
and you're thinking about one person reducing their hours,

681
00:26:37.385 --> 00:26:40.285
but again, not every pension is as generous as the other.

682
00:26:40.425 --> 00:26:42.725
So investigate and don't just look at kind of pay,

683
00:26:42.755 --> 00:26:45.805
look at pension, look at other benefits, um,

684
00:26:46.035 --> 00:26:47.685
because it's come becoming more

685
00:26:47.685 --> 00:26:50.725
and more common for couples to both reduce their hours

686
00:26:50.865 --> 00:26:52.205
or both work compressed hours.

687
00:26:52.225 --> 00:26:56.485
Mm-Hmm. And I think we've seen the working, um,

688
00:26:56.555 --> 00:26:59.205
environment really change post pandemic Mm-Hmm.

689
00:26:59.285 --> 00:27:00.805
Um, more flexible working in things

690
00:27:00.825 --> 00:27:02.565
and hopefully that means more opportunities

691
00:27:02.705 --> 00:27:04.645
and potential earnings, um,

692
00:27:04.785 --> 00:27:08.045
and potential increases in in retirement income for women.

693
00:27:09.385 --> 00:27:14.205
So we spoke about parents looking after the children.

694
00:27:14.675 --> 00:27:16.565
It's not just parents as who, who are looking

695
00:27:16.565 --> 00:27:19.165
after our children when we're at

696
00:27:19.165 --> 00:27:20.165
Work. No, there's

697
00:27:20.165 --> 00:27:21.125
a lot of grandparents

698
00:27:21.225 --> 00:27:22.725
or other family members caring

699
00:27:22.945 --> 00:27:24.365
for children when people are at work.

700
00:27:24.365 --> 00:27:27.485
Yeah. And these, you know, people also might be caring

701
00:27:27.625 --> 00:27:29.165
for elderly relatives.

702
00:27:29.165 --> 00:27:33.325
Okay. Um, so, you know, kind of a bit

703
00:27:33.325 --> 00:27:35.845
of the same story here, Johnny, that actually women are

704
00:27:35.845 --> 00:27:39.405
three times more likely to retire early to care

705
00:27:39.405 --> 00:27:40.965
for other family members than men.

706
00:27:41.225 --> 00:27:44.765
Mm-Hmm. So normally when you're in your fifties

707
00:27:44.825 --> 00:27:47.365
or sixties, you'll be getting to that point in your career

708
00:27:47.475 --> 00:27:48.805
that you might have reached your kind

709
00:27:48.805 --> 00:27:49.965
of peak earning potential.

710
00:27:49.965 --> 00:27:50.765
Yeah. And that means maybe

711
00:27:50.915 --> 00:27:52.725
pension contributions are at their highest.

712
00:27:53.175 --> 00:27:54.805
Maybe you've finished paying off your mortgage

713
00:27:54.955 --> 00:27:56.445
like one day joining. Like

714
00:27:56.845 --> 00:27:57.845
I can't Wait.

715
00:27:57.905 --> 00:28:00.405
Um, and so you've got a bit more capacity to save,

716
00:28:01.425 --> 00:28:03.725
but that's not going to happen if you reduce your hours

717
00:28:04.225 --> 00:28:06.285
or you stop working to care for family members.

718
00:28:06.865 --> 00:28:10.805
Um, and Johnny kind of, you benefit from grandparent health?

719
00:28:10.915 --> 00:28:15.365
Very, very much so, um, seven 30 this morning, both me

720
00:28:15.385 --> 00:28:18.005
and, uh, my partner, we were leaving, passing the baby

721
00:28:18.105 --> 00:28:20.085
to grandparents and uh, yeah.

722
00:28:20.085 --> 00:28:22.605
They, they were coming and looking after the baby. So Yeah.

723
00:28:22.605 --> 00:28:23.845
It's, it's hard. It's hard.

724
00:28:24.145 --> 00:28:27.365
But, um, yeah, we, we get get support from our, our parents

725
00:28:27.985 --> 00:28:29.285
and feel very guilty for it. Yeah.

726
00:28:29.465 --> 00:28:31.445
But they probably love it. Do they do? Yeah.

727
00:28:31.445 --> 00:28:32.925
They say they do and, and you go home

728
00:28:32.925 --> 00:28:34.365
and they're exhausted, but they say they do.

729
00:28:34.365 --> 00:28:35.965
Yeah. And I think that's the thing, looking

730
00:28:35.965 --> 00:28:38.565
after grandchildren can bring a huge amount of joy.

731
00:28:39.025 --> 00:28:40.965
Um, and again, we're looking at some of the issues

732
00:28:41.065 --> 00:28:42.245
and talking about some ideas,

733
00:28:42.425 --> 00:28:44.565
but we're not saying not to do this.

734
00:28:45.705 --> 00:28:47.885
Um, you know, it's kind of similar to

735
00:28:47.885 --> 00:28:50.285
what we were talking about in relation to pen to parents.

736
00:28:50.675 --> 00:28:53.285
It's all about having these conversations and Yeah.

737
00:28:53.425 --> 00:28:56.525
And actually can share, can care be shared.

738
00:28:56.665 --> 00:28:59.485
So, um, instead of just a grandmother stopping work,

739
00:28:59.735 --> 00:29:02.125
could both grandparents help out in that way?

740
00:29:02.185 --> 00:29:06.685
Mm-Hmm. And, you know, have you investigated actually

741
00:29:06.685 --> 00:29:08.165
what your retirement's going to look like?

742
00:29:08.165 --> 00:29:11.205
Because actually thinking about what you're, you know,

743
00:29:11.285 --> 00:29:12.565
the amount you're going to need in

744
00:29:12.565 --> 00:29:13.765
retirement is really important.

745
00:29:13.905 --> 00:29:16.365
So if you haven't then have a look at the

746
00:29:16.365 --> 00:29:17.525
retirement living standards.

747
00:29:17.625 --> 00:29:18.925
Um, yeah, we'll do that.

748
00:29:19.165 --> 00:29:20.525
'cause you know, we'll we do, we,

749
00:29:20.545 --> 00:29:21.805
we talk about that quite a lot.

750
00:29:22.345 --> 00:29:25.365
Now these are standards, this is kind of, it's a website.

751
00:29:25.705 --> 00:29:28.125
Um, it was independent researchers Yeah.

752
00:29:28.125 --> 00:29:30.205
Have looked at this. They tell you

753
00:29:30.265 --> 00:29:33.005
how much you'll need depending on the type of retirement

754
00:29:33.005 --> 00:29:34.645
that you would like, um,

755
00:29:34.745 --> 00:29:37.165
and kind of the kind of lifestyle that you would like.

756
00:29:37.265 --> 00:29:40.645
So it, it is really useful explains, and I'm really clear

757
00:29:40.665 --> 00:29:42.365
and easy to understand way.

758
00:29:42.825 --> 00:29:44.925
So, so maybe you're a grandparent,

759
00:29:45.105 --> 00:29:47.405
you might have been thinking about giving up work Mm-Hmm.

760
00:29:47.485 --> 00:29:49.765
Um, to help care for the grandchildren that you adore.

761
00:29:49.765 --> 00:29:51.205
Mm-Hmm. But you crunch the numbers

762
00:29:51.265 --> 00:29:54.405
and you think actually I'm, you know, I can't quite afford

763
00:29:54.405 --> 00:29:57.285
to do that, but what I can do is reduce my hours a little

764
00:29:57.545 --> 00:29:59.645
and help out with childcare that way.

765
00:29:59.645 --> 00:30:02.205
Mm-Hmm. So that's definitely something that could be done.

766
00:30:03.505 --> 00:30:06.125
But it's not just about thinking about private pensions.

767
00:30:06.395 --> 00:30:09.325
It's really important to think about the state pension too.

768
00:30:09.585 --> 00:30:12.845
Now you need 35 years of national insurance credits

769
00:30:12.845 --> 00:30:16.605
or contributions to get the full, um, state pension.

770
00:30:17.265 --> 00:30:21.085
So again, you know, one of the most important things

771
00:30:21.085 --> 00:30:23.245
to do is to get a state pension forecast

772
00:30:23.265 --> 00:30:24.525
to work out if you're going

773
00:30:24.525 --> 00:30:26.565
to be getting the full new state pension.

774
00:30:27.265 --> 00:30:29.965
Um, now you go into gov.uk

775
00:30:30.225 --> 00:30:33.045
and you can look at your contribution record.

776
00:30:33.215 --> 00:30:35.845
We've got a guide, um, on royal london.com

777
00:30:35.845 --> 00:30:37.605
because state pension is something that, you know,

778
00:30:37.785 --> 00:30:39.205
is really important to everyone.

779
00:30:39.345 --> 00:30:42.125
Yes. So getting that forecast means that you'll have an idea

780
00:30:42.185 --> 00:30:44.525
of what state pension you'll have in retirement

781
00:30:45.545 --> 00:30:48.125
if you are stopping work to care for grandchildren, though,

782
00:30:48.815 --> 00:30:51.245
there is something you can do about it if you don't have

783
00:30:51.245 --> 00:30:53.965
enough years of national insurance contributions or credits.

784
00:30:54.075 --> 00:30:55.125
Yeah. And that's

785
00:30:55.365 --> 00:30:56.485
because you can apply

786
00:30:56.485 --> 00:30:59.965
for something called specified adult childcare credits.

787
00:30:59.965 --> 00:31:01.005
Now it's a bit of a mouthful.

788
00:31:01.345 --> 00:31:03.285
And essentially it just means that you're going

789
00:31:03.285 --> 00:31:05.965
to get some national insurance credits for caring

790
00:31:05.985 --> 00:31:08.325
for your grandchildren, um, in the same way

791
00:31:08.325 --> 00:31:10.765
that a parent who'd stopped working could get national

792
00:31:10.765 --> 00:31:12.405
insurance credits as well.

793
00:31:12.555 --> 00:31:15.085
Okay. So that can really help someone who's in their

794
00:31:15.085 --> 00:31:18.125
fifties, sixties before they reach state pension age Yeah.

795
00:31:18.185 --> 00:31:20.885
To get some extra years of national insurance contributions

796
00:31:20.905 --> 00:31:23.045
and help them get that full state pension.

797
00:31:23.605 --> 00:31:25.005
I think that's really interesting.

798
00:31:25.025 --> 00:31:26.525
And a lot of people dunno about that.

799
00:31:27.315 --> 00:31:28.525
It's not applied for enough.

800
00:31:28.525 --> 00:31:31.005
So it's really important, you know, if that, if that is you

801
00:31:31.065 --> 00:31:34.045
or if it is your family member, then it's worth mentioning.

802
00:31:34.285 --> 00:31:36.725
I often mention it to friends who are think, you know,

803
00:31:36.725 --> 00:31:38.485
thinking about it's either their parents

804
00:31:38.705 --> 00:31:39.845
or it's maybe them

805
00:31:39.845 --> 00:31:41.605
that are thinking about stopping work to care

806
00:31:41.605 --> 00:31:42.685
for grandchildren. I

807
00:31:42.685 --> 00:31:43.685
Love that. Okay. So

808
00:31:43.685 --> 00:31:45.485
we've spoke about confidence,

809
00:31:45.485 --> 00:31:47.485
we've spoke about care and responsibilities.

810
00:31:48.265 --> 00:31:51.765
Um, what other things significantly,

811
00:31:52.195 --> 00:31:54.085
significantly impact women?

812
00:31:54.595 --> 00:31:56.725
Well, I think some of the areas I've spoken about could

813
00:31:56.725 --> 00:31:58.045
impact men just as much.

814
00:31:58.045 --> 00:31:59.765
Okay. Because men could reduce their hours,

815
00:31:59.795 --> 00:32:01.085
they could stop work to care.

816
00:32:01.105 --> 00:32:03.845
Yes. Yes. Um, but the last area that I want

817
00:32:03.845 --> 00:32:05.365
to talk about is really specific to women

818
00:32:05.385 --> 00:32:06.485
and that's the menopause.

819
00:32:06.555 --> 00:32:09.325
Yeah. Now this is something that my colleagues, Sarah

820
00:32:09.365 --> 00:32:11.005
and I were really determined was included.

821
00:32:11.155 --> 00:32:12.445
It's not something that's been picked

822
00:32:12.445 --> 00:32:13.565
up on a lot in the past.

823
00:32:13.785 --> 00:32:16.125
Yes. Um, it's something I'm rapidly approaching

824
00:32:16.125 --> 00:32:17.605
and it feels like it's the main topic

825
00:32:17.605 --> 00:32:19.245
of conversation amongst my friends.

826
00:32:20.085 --> 00:32:23.605
Um, not every woman is going to be a caterer to children,

827
00:32:23.635 --> 00:32:26.125
grandchildren, elderly relatives,

828
00:32:26.125 --> 00:32:28.925
but nearly every woman is going to go through the menopause.

829
00:32:30.225 --> 00:32:32.205
And interestingly, women over 50

830
00:32:32.725 --> 00:32:35.405
represent the fastest growing segment of the workforce.

831
00:32:35.985 --> 00:32:37.885
And if we look at the next slide Mm-Hmm.

832
00:32:37.965 --> 00:32:39.205
We can see what the, um,

833
00:32:39.205 --> 00:32:42.325
government menopause champion said last year on

834
00:32:42.355 --> 00:32:43.645
menopause awareness day.

835
00:32:44.425 --> 00:32:46.885
Um, and you know, she was talking about the fact

836
00:32:46.885 --> 00:32:50.165
that post menopause should be a time to thrive and grow

837
00:32:50.185 --> 00:32:52.085
and it should give the best years of your career.

838
00:32:52.555 --> 00:32:53.605
Okay. But Johnny,

839
00:32:54.005 --> 00:32:57.765
actually almost 1 million women have left the workforce due

840
00:32:57.765 --> 00:32:58.885
to menopausal symptoms.

841
00:32:59.025 --> 00:33:00.245
So, so why is that? That

842
00:33:00.245 --> 00:33:01.245
That's massive. Massive.

843
00:33:01.245 --> 00:33:03.645
Yeah. And I think if we go into the next slide,

844
00:33:04.065 --> 00:33:07.005
we can, um, get an idea of why that might be happening.

845
00:33:07.075 --> 00:33:09.885
Okay. So our research, um, asked about the symptoms

846
00:33:10.035 --> 00:33:12.725
that have impacted women going through the menopause.

847
00:33:12.725 --> 00:33:15.205
And as you can see this is, you know, this isn't all

848
00:33:15.205 --> 00:33:16.805
of the symptoms, this is some of the symptoms.

849
00:33:16.985 --> 00:33:18.685
But if you look at the percentages, you know,

850
00:33:18.685 --> 00:33:21.925
we've got some reaching kind of almost 80%, you know.

851
00:33:21.925 --> 00:33:24.125
Yeah. Most over 60%.

852
00:33:25.425 --> 00:33:27.885
So, and yeah, looking at this, this chart

853
00:33:28.505 --> 00:33:29.725
and looking at how,

854
00:33:30.145 --> 00:33:31.925
how do you do your job when you've got high levels

855
00:33:32.025 --> 00:33:34.885
of anxiety, you know, um,

856
00:33:35.505 --> 00:33:38.765
on note it said the brain fog, you know, all them Well,

857
00:33:39.565 --> 00:33:41.565
I said to you, I think I'm going through the menopause early

858
00:33:41.565 --> 00:33:42.805
because I've got quite a lot of them.

859
00:33:43.185 --> 00:33:44.285
But, um, yeah.

860
00:33:45.385 --> 00:33:48.205
It and unaware of them as well when, when you put them.

861
00:33:48.285 --> 00:33:49.765
I didn't, I didn't know that. Yeah, I didn't know

862
00:33:49.765 --> 00:33:50.765
That. And I, I don't

863
00:33:50.765 --> 00:33:51.845
think it's a great surprise

864
00:33:52.035 --> 00:33:55.165
that chronic symptoms can mean that women might not be able

865
00:33:55.165 --> 00:33:57.765
to play an active role in the workforce when their earnings

866
00:33:57.905 --> 00:34:00.085
and, um, you know, with their retirement savings,

867
00:34:00.275 --> 00:34:02.965
we'd normally, as we've mentioned, have been at a peak, um,

868
00:34:02.965 --> 00:34:04.045
because people tend

869
00:34:04.045 --> 00:34:06.005
to save more the closer they get to retirement.

870
00:34:06.005 --> 00:34:09.805
Yeah. Yeah. Um, I think I was really surprised by the effect

871
00:34:09.805 --> 00:34:12.525
that the perimenopause and the menopause can have on women.

872
00:34:12.825 --> 00:34:16.165
Yes. Um, and if we look in the next slide, um,

873
00:34:16.345 --> 00:34:21.325
we found in our, um, research that 83% of women impacted

874
00:34:21.385 --> 00:34:24.245
by the menopause said it reduced their workplace confidence.

875
00:34:24.545 --> 00:34:27.605
Wow. 86% said it made it harder to do their job

876
00:34:28.225 --> 00:34:31.125
and 50% said they were considering leaving the workforce.

877
00:34:31.225 --> 00:34:33.205
So there's really high numbers. Mm-Hmm.

878
00:34:33.395 --> 00:34:35.725
It's not just a few people, it's, you know, the majority

879
00:34:36.615 --> 00:34:38.045
50% leaving the workforce.

880
00:34:38.275 --> 00:34:40.685
That could have a significant impact, obviously on, on,

881
00:34:40.905 --> 00:34:43.085
on the workplace as well, couldn't it? Indeed.

882
00:34:43.185 --> 00:34:44.325
You know, and it's really tough.

883
00:34:44.325 --> 00:34:46.405
There's an employer, there's a bit of good news here. Okay.

884
00:34:46.425 --> 00:34:50.005
Um, Johnny, the good news is that 41% of women said

885
00:34:50.075 --> 00:34:52.165
that their employer had created a culture

886
00:34:52.345 --> 00:34:53.925
for talking about the menopause was

887
00:34:53.985 --> 00:34:55.205
no longer a taboo subject.

888
00:34:55.235 --> 00:34:58.845
Yeah, yeah. But that actually means that 59% of women said

889
00:34:58.845 --> 00:35:01.125
that it still was a taboo subject in the workforce.

890
00:35:01.395 --> 00:35:04.365
Yeah. So that's quite interesting, isn't it? Yeah.

891
00:35:04.705 --> 00:35:06.125
And, and I can get that. I mean, when,

892
00:35:06.155 --> 00:35:08.325
when you said we were gonna talk about the menopause today,

893
00:35:08.405 --> 00:35:10.965
I, I, I was thinking as a male, you know,

894
00:35:10.965 --> 00:35:13.685
I dunno much about it and it, it does feel a taboo subject.

895
00:35:13.705 --> 00:35:15.045
But when we started speaking about it,

896
00:35:15.045 --> 00:35:19.065
and I said to you earlier that over the last couple

897
00:35:19.065 --> 00:35:20.985
of years I've heard on b BBC Radio two,

898
00:35:20.985 --> 00:35:23.505
there's been a show about it that seems to be,

899
00:35:23.655 --> 00:35:25.225
everybody's talking about it now,

900
00:35:25.225 --> 00:35:27.065
whether it's male or female.

901
00:35:27.165 --> 00:35:28.985
So I think it's, which is great. It's great. Exactly.

902
00:35:29.175 --> 00:35:30.905
It's really good deal. I agree. I agree.

903
00:35:31.245 --> 00:35:34.145
For so many years, hundreds of years. Yes.

904
00:35:34.145 --> 00:35:35.785
You know, women haven't spoken about this. Yeah.

905
00:35:35.785 --> 00:35:38.765
So speaking about it, again, it's, it's crucial. Mm-Hmm.

906
00:35:38.985 --> 00:35:40.645
Um, now we asked women

907
00:35:40.905 --> 00:35:42.965
and men what they thought would help deal

908
00:35:42.965 --> 00:35:44.365
with these symptoms in the workplace.

909
00:35:44.395 --> 00:35:46.685
Yeah. And actually there was no gender divide about

910
00:35:46.685 --> 00:35:47.845
what they thought the top thing was.

911
00:35:48.065 --> 00:35:49.245
And that was flexible working

912
00:35:49.635 --> 00:35:51.365
because actually, you know,

913
00:35:51.765 --> 00:35:53.845
starting work a little bit later can really help

914
00:35:53.845 --> 00:35:57.005
with a range of those different symptoms, um, that we saw.

915
00:35:57.625 --> 00:35:59.685
But you know, I mentioned talking about it

916
00:35:59.685 --> 00:36:01.285
and I think that is the key.

917
00:36:02.385 --> 00:36:05.605
If women feel that they can talk about their symptoms, um,

918
00:36:05.835 --> 00:36:07.005
then it's going to help.

919
00:36:07.225 --> 00:36:09.765
Now that's not just talking to anyone though.

920
00:36:09.945 --> 00:36:11.765
Um, two thirds of women said

921
00:36:11.765 --> 00:36:13.885
that they wouldn't feel comfortable talking

922
00:36:14.005 --> 00:36:15.045
to a male line manager,

923
00:36:15.785 --> 00:36:19.045
but 77% said they would feel comfortable talking

924
00:36:19.065 --> 00:36:20.245
to a female line manager.

925
00:36:20.505 --> 00:36:23.925
So I think what the key point, you know, that shows us is,

926
00:36:24.145 --> 00:36:26.205
you know, have a female line manager available

927
00:36:26.505 --> 00:36:29.685
or some other kind of senior women if you know, if that's

928
00:36:30.185 --> 00:36:32.085
who, what people want to speak to.

929
00:36:32.205 --> 00:36:36.405
Mm-Hmm. Um, so the other thing

930
00:36:36.405 --> 00:36:39.005
to probably ask it, especially if you're an employee, is,

931
00:36:39.005 --> 00:36:41.965
you know, are there support networks in your organization?

932
00:36:42.355 --> 00:36:44.525
Because actually discussing symptoms

933
00:36:45.045 --> 00:36:46.525
collectively it can really help.

934
00:36:46.545 --> 00:36:49.005
You can share solutions and things like that. I think

935
00:36:49.005 --> 00:36:51.845
That's great if you've got a network of people are going

936
00:36:51.845 --> 00:36:53.205
through the same thing as you

937
00:36:53.305 --> 00:36:55.405
and I just some way can chat, it's great, isn't it?

938
00:36:55.475 --> 00:36:58.725
Yeah. And you know, for the last, um, good few years,

939
00:36:58.775 --> 00:37:03.285
Royal London's had a, a training for, um, line managers, men

940
00:37:03.285 --> 00:37:05.245
and women about periods and the menopause.

941
00:37:05.245 --> 00:37:07.685
Mm-Hmm. And what's been really interesting is the feedback

942
00:37:07.715 --> 00:37:11.445
from men who've said, not only do they know how to help, uh,

943
00:37:11.445 --> 00:37:13.405
some of their, um, female staff,

944
00:37:13.745 --> 00:37:15.765
but they also now understand a bit more about

945
00:37:15.765 --> 00:37:17.485
what their wives and daughters are going through.

946
00:37:17.485 --> 00:37:19.245
Exactly. Yeah. So actually it's, it's kind

947
00:37:19.245 --> 00:37:21.485
of on a wider than a, a workplace Yeah.

948
00:37:21.665 --> 00:37:23.045
As well. So, you know,

949
00:37:23.045 --> 00:37:25.765
and we know employers really want to keep staff.

950
00:37:26.325 --> 00:37:27.725
Retentions really, really important.

951
00:37:28.105 --> 00:37:30.845
82% of the women we spoke to said

952
00:37:30.845 --> 00:37:33.485
that if their employer helped them through the menopause,

953
00:37:33.485 --> 00:37:34.805
they would stay with that employer.

954
00:37:35.085 --> 00:37:37.965
Brilliant. So that's massive. Yeah. Um, brilliant.

955
00:37:38.115 --> 00:37:40.205
Also ask your employer, if you don't know,

956
00:37:40.385 --> 00:37:42.805
are there any employee assistance programs

957
00:37:42.805 --> 00:37:45.965
or these can provide great information, counselling,

958
00:37:46.455 --> 00:37:49.645
specialist nurses to talk to a variety of different things.

959
00:37:49.785 --> 00:37:51.525
So that's another one to check.

960
00:37:51.625 --> 00:37:54.525
And you know, also individually you might have

961
00:37:55.035 --> 00:37:57.125
life critical illness, income protection plan.

962
00:37:57.145 --> 00:37:59.165
So you might have taken one of these out when you've got

963
00:37:59.165 --> 00:38:00.205
a new mortgage, for example.

964
00:38:00.785 --> 00:38:03.045
Now these aren't just for when the worst might happen,

965
00:38:03.475 --> 00:38:06.885
they actually provide really good added value services.

966
00:38:06.915 --> 00:38:09.765
That could be online GP appointments, it could be kind

967
00:38:09.765 --> 00:38:13.085
of information again, sort of nurse appointments, loads

968
00:38:13.085 --> 00:38:14.605
of information about health and wellbeing.

969
00:38:14.745 --> 00:38:16.845
So that's worth checking, um, as well.

970
00:38:17.065 --> 00:38:19.165
So, so I think there's a lot of different things

971
00:38:19.165 --> 00:38:21.885
that you can do and ask about as, as an employee,

972
00:38:22.385 --> 00:38:23.805
um, or an individual.

973
00:38:24.065 --> 00:38:26.725
So, so hopefully I've highlighted some of the issues

974
00:38:26.725 --> 00:38:27.725
that face women.

975
00:38:28.305 --> 00:38:31.685
Yes. Um, and also some things that would affect men as well.

976
00:38:31.745 --> 00:38:33.765
Agreed. Yeah. But we've thought about some potential

977
00:38:33.765 --> 00:38:36.325
solutions, you know, know, learn to love your pension,

978
00:38:36.355 --> 00:38:38.965
develop a, a confidence in knowing more, I think.

979
00:38:39.465 --> 00:38:42.605
Um, and it, it's not about, as we mentioned,

980
00:38:42.965 --> 00:38:44.285
changing the decisions you might make,

981
00:38:44.305 --> 00:38:45.805
but having more information

982
00:38:45.805 --> 00:38:47.365
and knowing the impact that might have.

983
00:38:48.005 --> 00:38:50.285
I totally agree. I've learned loads, loads today as well.

984
00:38:50.605 --> 00:38:51.805
I think there's lots of,

985
00:38:52.315 --> 00:38:54.365
well I think it's brilliant thank you very much.

986
00:38:54.455 --> 00:38:55.525
Thank you very much Claire.

987
00:38:55.755 --> 00:38:57.885
Well, um, let, let's go back to Rachel

988
00:38:58.165 --> 00:38:59.765
'cause I'm sure we've had, well we've had lots

989
00:38:59.765 --> 00:39:02.685
of people tuning in today, Rachel, have we had any, um,

990
00:39:03.125 --> 00:39:05.405
comments, chat questions come through?

991
00:39:05.745 --> 00:39:06.765
We have. We've had lots.

992
00:39:06.765 --> 00:39:08.445
And it is, it is a great session, Claire.

993
00:39:08.445 --> 00:39:10.405
So thank you very much. It's, it is one of them.

994
00:39:10.625 --> 00:39:12.285
We know it's a problem, don't we?

995
00:39:12.625 --> 00:39:14.765
Um, but, so it's good to have these tips

996
00:39:14.905 --> 00:39:17.365
and to have this knowledge to know how we can, you know,

997
00:39:17.365 --> 00:39:20.445
maybe, um, make a difference to our pension pots.

998
00:39:20.865 --> 00:39:22.645
And a lot of people on the chat are

999
00:39:22.645 --> 00:39:23.805
saying, this has been really helpful.

1000
00:39:23.905 --> 00:39:26.285
If they knew this, these sort of things

1001
00:39:26.285 --> 00:39:29.085
before, um, you know, going into parenthood,

1002
00:39:29.085 --> 00:39:31.445
it would've helped them to become a lot more prepared.

1003
00:39:31.825 --> 00:39:34.125
And also a few people are saying, it'd be great, there needs

1004
00:39:34.125 --> 00:39:37.365
to be more, um, TV shows like this that, you know,

1005
00:39:37.365 --> 00:39:38.685
particularly cover these topics.

1006
00:39:38.865 --> 00:39:41.605
So it's been really, uh, really insightful. Thank you.

1007
00:39:41.985 --> 00:39:45.005
Um, I am, I'm gonna move on to viewers questions then.

1008
00:39:45.005 --> 00:39:47.445
So we, we have got a fair few coming in, um,

1009
00:39:48.185 --> 00:39:52.005
I'm gonna kick off with, um, so our first question,

1010
00:39:52.025 --> 00:39:53.965
if you stop work to care for children,

1011
00:39:54.545 --> 00:39:56.525
do you get state pension credits?

1012
00:39:57.185 --> 00:39:59.445
So state pension is something we're always asked about,

1013
00:39:59.465 --> 00:40:01.965
and I mentioned it in terms of kind of grandparents there.

1014
00:40:02.265 --> 00:40:04.645
If you stop work to care for a child, um,

1015
00:40:04.665 --> 00:40:07.765
you should get 12 years of national insurance credits.

1016
00:40:08.625 --> 00:40:09.925
But, and there's a bit of a

1017
00:40:09.925 --> 00:40:13.805
but here, so it has to be the person who stopped work has

1018
00:40:13.805 --> 00:40:15.325
to apply for child benefit.

1019
00:40:15.985 --> 00:40:17.685
Now there's something called the high income

1020
00:40:17.685 --> 00:40:18.885
child benefit tax charge.

1021
00:40:18.885 --> 00:40:22.365
And that put a lot of people, um, off actually applying

1022
00:40:22.425 --> 00:40:24.365
for child benefit because they didn't

1023
00:40:24.365 --> 00:40:25.525
want to pay a tax charge.

1024
00:40:26.065 --> 00:40:30.325
Now that, um, you know, it, it's kind of now

1025
00:40:30.325 --> 00:40:32.085
what you can do is apply Mm-Hmm.

1026
00:40:32.165 --> 00:40:34.445
You don't have to receive the money for child benefit.

1027
00:40:34.585 --> 00:40:35.765
So you wouldn't have the tax charge,

1028
00:40:35.785 --> 00:40:39.085
but especially if you're stopping work, that is the trigger

1029
00:40:39.105 --> 00:40:40.125
to get those 12 years.

1030
00:40:40.145 --> 00:40:42.565
So it's really important that you make sure you

1031
00:40:42.665 --> 00:40:44.205
are registered for child benefit.

1032
00:40:44.555 --> 00:40:46.005
It's also important because it's

1033
00:40:46.005 --> 00:40:48.365
what triggers your child getting a national insurance number

1034
00:40:48.365 --> 00:40:49.485
when they're about 10 15.

1035
00:40:49.625 --> 00:40:51.925
Oh, right. And I've had a few friends sort

1036
00:40:51.925 --> 00:40:53.765
of query why their children, you know,

1037
00:40:53.765 --> 00:40:55.685
they want a part-time job and why they haven't

1038
00:40:55.965 --> 00:40:57.085
received a national insurance number.

1039
00:40:57.105 --> 00:41:00.085
So that's why. So make sure the person who's stopping work

1040
00:41:00.715 --> 00:41:03.005
applies for, um, child benefit.

1041
00:41:03.425 --> 00:41:05.205
If you don't want to receive the money,

1042
00:41:05.625 --> 00:41:07.765
you can tick the box saying you don't want to receive it,

1043
00:41:07.785 --> 00:41:09.405
but that triggers your 12 years

1044
00:41:09.465 --> 00:41:11.925
and that goes towards your state pension, um, record.

1045
00:41:12.975 --> 00:41:15.045
Great stuff. Thank you. And just further to that, Claire,

1046
00:41:15.105 --> 00:41:17.685
can everybody, can everybody get child benefit?

1047
00:41:19.145 --> 00:41:22.085
So yeah, so child benefit is a universal benefit.

1048
00:41:22.305 --> 00:41:24.165
So it does mean that anyone can get it,

1049
00:41:24.225 --> 00:41:26.285
but what happens is if um,

1050
00:41:26.505 --> 00:41:30.365
one person in the household earns over now 60,000 pounds,

1051
00:41:30.465 --> 00:41:34.045
so, um, then they might have a tax charge to pay.

1052
00:41:34.265 --> 00:41:37.125
So, you know, by the time you get to 80,000 pounds,

1053
00:41:37.195 --> 00:41:39.165
that tax charge actually is the same

1054
00:41:39.385 --> 00:41:41.085
as the child benefit you would receive.

1055
00:41:41.345 --> 00:41:43.765
And that's why lots of people choose not to receive it.

1056
00:41:43.785 --> 00:41:46.645
Now, it used to be start at 50, 50,000

1057
00:41:46.705 --> 00:41:50.405
and stop at 60,000, um, for kind of losing the benefit.

1058
00:41:51.145 --> 00:41:53.205
Um, but that went up last year.

1059
00:41:53.425 --> 00:41:55.805
So it might be people decided not

1060
00:41:55.865 --> 00:41:57.085
to apply for child benefit.

1061
00:41:58.145 --> 00:42:01.525
Um, but actually if they perhaps earn 55,000,

1062
00:42:01.675 --> 00:42:04.565
it's worth them applying for child benefit now.

1063
00:42:04.705 --> 00:42:06.005
So it's definitely one to have a look at.

1064
00:42:06.265 --> 00:42:08.805
Um, and we've got information on this and our role

1065
00:42:08.805 --> 00:42:10.525
and done, um, website as well.

1066
00:42:11.655 --> 00:42:12.765
Great stuff. Thank you.

1067
00:42:12.765 --> 00:42:13.845
Okay, our next question then,

1068
00:42:13.885 --> 00:42:14.925
I think we touched on this earlier,

1069
00:42:14.985 --> 00:42:17.485
but I'll just, uh, let's just have a little overview on it.

1070
00:42:17.745 --> 00:42:20.925
Um, can a partner pay into my pension on my behalf?

1071
00:42:21.955 --> 00:42:24.565
Yeah, so I mean what it's kind of,

1072
00:42:25.145 --> 00:42:27.405
um, I suppose it depends.

1073
00:42:27.535 --> 00:42:29.765
Often we say this about pensions as well, doesn't it?

1074
00:42:29.765 --> 00:42:32.405
Mm-Hmm. Um, so if you've got kind of your own pension,

1075
00:42:32.505 --> 00:42:34.325
so we stopped about someone who'd stopped work.

1076
00:42:34.665 --> 00:42:36.765
Now they would have a, a private pension themselves

1077
00:42:36.765 --> 00:42:37.805
with a pension company.

1078
00:42:38.345 --> 00:42:41.005
Um, and so their partner could set that up coming out of,

1079
00:42:41.005 --> 00:42:43.325
if you've got joint bank accounts that could come out

1080
00:42:43.325 --> 00:42:44.685
with the person who's working bank account

1081
00:42:44.785 --> 00:42:46.685
and that could be paid to the pension company.

1082
00:42:47.265 --> 00:42:48.605
If you're in a workplace pension

1083
00:42:48.605 --> 00:42:52.325
because you're working part-time, then if you increase, um,

1084
00:42:52.665 --> 00:42:54.405
you know, kind of the percentage you're paying,

1085
00:42:54.425 --> 00:42:57.485
so say you're paying, um, the kinda statute minimum,

1086
00:42:57.625 --> 00:43:00.605
so 5% you increase it to say seven

1087
00:43:00.605 --> 00:43:04.645
or 8%, then that will be deducted from your pay.

1088
00:43:05.185 --> 00:43:07.005
But then, you know, it just means

1089
00:43:07.005 --> 00:43:08.805
that your partner maybe pays for more

1090
00:43:08.985 --> 00:43:12.565
or you know, so, so it's kind of paying on a joint basis.

1091
00:43:13.345 --> 00:43:14.605
Um, but they wouldn't,

1092
00:43:14.635 --> 00:43:17.085
it's not your partner paying directly into it

1093
00:43:17.085 --> 00:43:18.405
because it's a workplace pension.

1094
00:43:18.505 --> 00:43:19.605
It would be taken straight off.

1095
00:43:21.445 --> 00:43:23.725
Brilliant. Brilliant. Thank you. No, that's great.

1096
00:43:23.725 --> 00:43:26.445
That's really helpful. Okay. Um, next question.

1097
00:43:26.905 --> 00:43:29.765
Um, does shared parental leave could

1098
00:43:29.765 --> 00:43:31.685
that potentially help with this problem?

1099
00:43:33.225 --> 00:43:34.965
So, so it's a really interesting one.

1100
00:43:35.165 --> 00:43:37.325
I, you know, I kind of, I mentioned Sweden earlier,

1101
00:43:37.585 --> 00:43:38.925
my brother lives in Sweden, so I'm,

1102
00:43:38.945 --> 00:43:40.445
I'm quite interested in all of this.

1103
00:43:41.025 --> 00:43:43.205
Um, and in countries, you know,

1104
00:43:43.205 --> 00:43:45.005
we do have shared parental leave here

1105
00:43:45.145 --> 00:43:46.245
now and I think that's great.

1106
00:43:46.325 --> 00:43:49.125
I think what we need is more men to actually be taking

1107
00:43:49.695 --> 00:43:51.485
their kinda shared parental leave.

1108
00:43:52.005 --> 00:43:54.165
I feel D here No, not at all.

1109
00:43:54.425 --> 00:43:56.765
But I think we need men senior kind of levels

1110
00:43:56.825 --> 00:43:58.325
to be demonstrating that this is

1111
00:43:58.775 --> 00:44:00.325
acceptable and should be done.

1112
00:44:01.545 --> 00:44:04.245
But what we notice sometimes in countries where it's much,

1113
00:44:04.245 --> 00:44:05.525
they've been doing it for a lot longer.

1114
00:44:05.745 --> 00:44:07.365
So Sweden's one of those mm-Hmm.

1115
00:44:07.365 --> 00:44:09.805
Is that often kind of the women takes off the first part,

1116
00:44:10.195 --> 00:44:12.965
then the, the man takes off parental leave.

1117
00:44:12.965 --> 00:44:14.365
So the women goes back full time

1118
00:44:15.465 --> 00:44:17.685
and then what happens is they don't change to part-time,

1119
00:44:18.035 --> 00:44:19.885
they just stay being full-time.

1120
00:44:19.985 --> 00:44:21.965
So it's just an interesting kind of dynamic.

1121
00:44:22.265 --> 00:44:25.325
So, um, so I think it could create some change.

1122
00:44:25.525 --> 00:44:29.085
I think it's great for dads to be, you know, have time

1123
00:44:29.105 --> 00:44:30.405
by themselves with their children.

1124
00:44:30.605 --> 00:44:33.045
I think, you know, my husband really, um, enjoyed

1125
00:44:33.045 --> 00:44:34.125
that time most of the time.

1126
00:44:34.505 --> 00:44:36.965
Um, the children enjoyed, I think it's good Yeah.

1127
00:44:36.965 --> 00:44:39.485
To have that experience of, you know, um,

1128
00:44:39.655 --> 00:44:41.565
being the caterer for your child.

1129
00:44:42.145 --> 00:44:44.845
Um, so hopefully that will change things.

1130
00:44:45.145 --> 00:44:47.165
Um, and you know, things like my husband,

1131
00:44:47.265 --> 00:44:48.845
our first was born 20 years ago,

1132
00:44:49.385 --> 00:44:51.725
but my husband a couple of times tried to go

1133
00:44:51.725 --> 00:44:53.805
to things like mother and toddler groups.

1134
00:44:54.345 --> 00:44:55.845
Um, and he was the only man.

1135
00:44:55.905 --> 00:44:57.685
Now hopefully that might have changed as well.

1136
00:44:57.705 --> 00:44:59.885
We might see that there's more men going

1137
00:44:59.905 --> 00:45:01.405
to these kind of groups as well.

1138
00:45:01.945 --> 00:45:04.805
So you're kind of saying that it could feel quite awkward

1139
00:45:04.865 --> 00:45:07.605
for being an only male in a Yeah.

1140
00:45:07.975 --> 00:45:11.885
Could be put off people. Yeah. Great. Okay.

1141
00:45:12.025 --> 00:45:16.325
So, um, Rachel, I think we're nearly, um, at time. Um, have

1142
00:45:16.325 --> 00:45:17.325
We got, okay. Yeah. If it's all right,

1143
00:45:17.325 --> 00:45:17.645
I'll

1144
00:45:17.645 --> 00:45:18.685
finish with this question then.

1145
00:45:18.685 --> 00:45:20.365
Okay. Yeah. Great. Because we've, we've had quite,

1146
00:45:20.365 --> 00:45:21.965
quite a few comments on this, Claire probably,

1147
00:45:21.965 --> 00:45:24.045
as you can expect, there's a, there's a few people

1148
00:45:24.345 --> 00:45:28.165
who are paying into a pension, not quite sure if they're,

1149
00:45:28.185 --> 00:45:29.685
if they've contributed enough

1150
00:45:29.825 --> 00:45:33.485
and looking for maybe some guidance around how,

1151
00:45:33.545 --> 00:45:35.805
how can they be sure that that, that they,

1152
00:45:35.915 --> 00:45:36.965
they have a good pension.

1153
00:45:37.075 --> 00:45:38.925
What is a good pension? What does that look like?

1154
00:45:39.235 --> 00:45:40.645
Yeah, so I think it, it's different.

1155
00:45:40.705 --> 00:45:42.925
So, um, there's a lot of women

1156
00:45:43.105 --> 00:45:46.445
who are in public sector jobs, so teaching Mm-hmm.

1157
00:45:46.945 --> 00:45:51.085
You know, medicine, these type of things are, are still, um,

1158
00:45:51.275 --> 00:45:52.725
what we would've called defi,

1159
00:45:52.725 --> 00:45:55.045
well they're called defined benefit, um, pensions.

1160
00:45:55.045 --> 00:45:56.525
Now they're really valuable

1161
00:45:56.525 --> 00:45:57.965
because they provide a kind of GaN

1162
00:45:57.965 --> 00:45:59.165
and teed income in retirement.

1163
00:45:59.465 --> 00:46:01.805
So, you know, really worth their weight in gold.

1164
00:46:01.825 --> 00:46:05.925
So, um, that you, you might have to pay a bit more,

1165
00:46:06.025 --> 00:46:07.085
but you know, you're going to have

1166
00:46:07.085 --> 00:46:08.765
that guaranteed income in retirement.

1167
00:46:08.865 --> 00:46:10.605
So I would say that, you know, they're still very,

1168
00:46:10.605 --> 00:46:13.405
very valuable I think, to know how much you're paying.

1169
00:46:13.785 --> 00:46:15.845
We do have a statutory kind of minimum

1170
00:46:15.955 --> 00:46:19.205
that you pay 5% your employer pays, um, 3%.

1171
00:46:19.905 --> 00:46:23.205
But it's worth, and that's why looking at if there's an app

1172
00:46:23.205 --> 00:46:24.725
or a website, look at actually what

1173
00:46:24.725 --> 00:46:25.885
that would give you in retirement.

1174
00:46:26.585 --> 00:46:29.765
And then check those retirement living standards to see if

1175
00:46:29.765 --> 00:46:31.965
that's going to give you the type of retirement you want.

1176
00:46:32.155 --> 00:46:35.205
There's three levels, minimum, moderate, and comfortable.

1177
00:46:35.705 --> 00:46:38.725
Um, so you know, it might be that you can kind

1178
00:46:38.725 --> 00:46:41.645
of look on your app, you can look on different, um,

1179
00:46:42.035 --> 00:46:44.445
sources available through your pension company

1180
00:46:44.545 --> 00:46:46.125
or through your employer to see,

1181
00:46:46.125 --> 00:46:48.085
well actually if I increased it to 9%

1182
00:46:48.085 --> 00:46:51.485
or 10%, could that give me more in retirement?

1183
00:46:51.485 --> 00:46:53.565
And what actually, how much more would it give me?

1184
00:46:53.865 --> 00:46:56.125
And also investigate what your employer will offer you.

1185
00:46:56.225 --> 00:47:00.045
So some employers will do things, you know, called matching.

1186
00:47:00.145 --> 00:47:01.965
Mm. Where if you pay a little bit more,

1187
00:47:01.995 --> 00:47:03.525
they'll pay a little bit more as well.

1188
00:47:03.665 --> 00:47:06.245
So that's great. It's, it's kind of, it is getting money

1189
00:47:06.265 --> 00:47:07.405
for fee from your employer,

1190
00:47:07.545 --> 00:47:09.445
but you have to agree to pay a bit more as well.

1191
00:47:09.585 --> 00:47:13.485
So I would definitely sign up to those, um, you know,

1192
00:47:13.595 --> 00:47:15.445
that will make a substantial difference,

1193
00:47:15.625 --> 00:47:16.725
um, to your retirement too.

1194
00:47:18.335 --> 00:47:20.855
Brilliant, Claire, thank you so much for that, Rachel.

1195
00:47:21.195 --> 00:47:22.335
Um, so we're gonna leave it there.

1196
00:47:22.335 --> 00:47:23.895
Rachel, you got any final thoughts?

1197
00:47:24.285 --> 00:47:26.575
Yeah, no, I, I I'm being told I've got to wrap up

1198
00:47:26.855 --> 00:47:28.135
'cause we've gone over, I'm over the time lot.

1199
00:47:28.135 --> 00:47:30.845
Sorry. No, it's not you, but yeah, it is Rick,

1200
00:47:31.105 --> 00:47:33.525
but I'm just going to put into the chat the link

1201
00:47:33.525 --> 00:47:35.245
to the retirement living standards Okay.

1202
00:47:35.245 --> 00:47:36.445
Um, that we just touched on then.

1203
00:47:36.545 --> 00:47:37.605
So if anybody wants to go

1204
00:47:37.605 --> 00:47:40.205
and check those out, the link will be on the chat.

1205
00:47:40.725 --> 00:47:41.765
Brilliant. Well thank you Rachel.

1206
00:47:41.865 --> 00:47:44.245
Claire, thank you so much again for another great show.

1207
00:47:44.305 --> 00:47:46.565
Really enjoyed it. Very, very insightful.

1208
00:47:46.985 --> 00:47:49.365
Um, we'll see you again, I'm sure. Yeah.

1209
00:47:49.385 --> 00:47:51.725
You gonna come, come and see us back in Grey? Yes, always.

1210
00:47:51.725 --> 00:47:53.325
Lovely, lovely. Thank you very much for having me. Lovely.

1211
00:47:53.325 --> 00:47:54.765
You're welcome. And thank you. And thank you

1212
00:47:54.765 --> 00:47:56.005
for yourselves for joining as well.

1213
00:47:56.005 --> 00:47:57.605
I hope you enjoyed the show. Remember

1214
00:47:57.605 --> 00:48:00.005
to use pension awareness day.com website if you want

1215
00:48:00.005 --> 00:48:02.085
to go back and watch this show if you need any notes.

1216
00:48:02.545 --> 00:48:04.485
Um, and if you wanna book onto any of other shows,

1217
00:48:04.825 --> 00:48:06.125
um, we'd love to see you there.

1218
00:48:06.315 --> 00:48:08.005
Take care and we'll see you soon. Bye.